周四，CAC 40指数下跌0.1%，至7790点，此前欧洲央行将基准利率降至2.0%，这是一年多来的第八次降息，同时表明这一水平现在是“中性”的，可能标志着宽松周期的暂停。尽管通货膨胀有所缓和，特别是服务业价格增长放缓，但欧洲央行警告称，全球贸易紧张局势可能会在短期内抑制投资和出口。投资者还关注了来自欧洲各地的新PMI数据。在法国，建筑活动从4月的43.6降至5月的43.1，标志着又一个月的急剧下降，并将该行业的收缩延长至连续第三年。在公司层面，最大的亏损来自保乐力加（-4.26%）、空中客车集团（-2.22%）和Stellantis NV（-0.88%），而泰雷兹和法国兴业银行领涨，分别为2.69%和2.01%。

The CAC 40 slipped 0.1% to 7,790 on Thursday after the European Central Bank lowered its benchmark rate to 2.0%, the eighth cut in little more than a year, while indicating that this level is now “neutral” and may mark a pause in the easing cycle. Although inflation has moderated, notably with slower price growth in the services sector, the ECB warned that global trade tensions could dampen investment and exports in the near term. Investors also eyed new PMI data from across Europe. In France, construction activity fell to 43.1 in May from 43.6 in April, marking another sharp monthly decline and extending the sector’s contraction into a third consecutive year. At the corporate level, the biggest losses were from Pernod Ricard (-4.26%), Airbus Group (-2.22%) and Stellantis NV (-0.88%), while Thales and SocGen led the gains, with 2.69% and 2.01% respectively.

法国10年期OAT收益率继续下跌至3.2%以下，接近一个月来的最低点，此前欧洲央行按预期降息并下调了2025年和2026年的通胀预测。欧洲央行目前预计，2025年和2026年的整体通胀率平均为2.0%和1.6%，比3月份的预测下降0.3个百分点，反映出能源价格假设减弱和欧元走强。核心通胀率（不包括能源和食品）预计将在2025年稳定在2.4%，在2026年和2027年分别为1.9%。在增长方面，欧洲央行预计2025年国内生产总值将增长0.9%，其次是2026年的1.1%和2027年的1.3%。政策制定者表示，在工资增长放缓和利润率吸收了一些成本压力的支持下，通货膨胀正逐渐与2%的中期目标保持一致。与此同时，克里斯蒂娜·拉加德总统表示，欧洲央行的宽松周期即将结束，这表明在今天的举措之后可能会暂停。

France’s 10-year OAT yield extended losses below the 3.2% mark, moving closer to its lowest point in a month, after the European Central Bank cut interest rates as anticipated and lowered its inflation forecasts for 2025 and 2026. The ECB now expects headline inflation to average 2.0% in 2025 and 1.6% in 2026—down 0.3 percentage points from its March projections—reflecting weaker energy price assumptions and a stronger euro. Core inflation, excluding energy and food, is seen holding steady at 2.4% in 2025 and 1.9% in both 2026 and 2027. On the growth side, the ECB projects GDP to rise by 0.9% in 2025, followed by 1.1% in 2026 and 1.3% in 2027. Policymakers signaled that inflation is gradually aligning with the 2% medium-term target, supported by slower wage growth and profit margins absorbing some cost pressures. Meanwhile, President Christine Lagarde stated that the ECB is nearing the end of its easing cycle, signaling that a pause could follow today’s move.

CAC 40指数周四微涨0.2%，至7818点，投资者热切期待欧洲央行当天晚些时候即将公布的货币政策。预计央行将在可能暂停之前再次降息，以评估特朗普政府改变美国贸易政策对欧洲经济的更广泛影响。与此同时，投资者消化了来自欧洲各地的最新PMI数据。在国内，建筑活动从上个月的43.6降至2025年5月的43.1，标志着又一个月的急剧收缩，并将该行业的衰退延长至连续第三年。在企业方面，依视路领涨指数，上涨1.2%，其次是Teleperformance和Unibail-Rodamco-Westfield，分别上涨1.1%和1%。相比之下，空客是当天表现最差的公司，股价下跌1.3%。

The CAC 40 edged up 0.2% to 7,818 on Thursday, as investors eagerly awaited the European Central Bank’s upcoming monetary policy announcement later in the day. The central bank is anticipated to implement another interest rate cut before a possible pause to assess the broader impact of changing US trade policies under the Trump administration on the European economy. Meanwhile, investors digested fresh PMI data from across Europe. At home, construction activity fell to 43.1 in May 2025, from 43.6 the previous month, marking another sharp monthly contraction and extending the sector's downturn into its third consecutive year. On the corporate front, Essilor led gains on the index, advancing 1.2%, followed by Teleperformance and Unibail-Rodamco-Westfield, which gained 1.1% and 1%, respectively. In contrast, Airbus was the session’s worst performer, with shares dropping 1.3%.

法国HCOB建筑业采购经理人指数从上个月的43.6降至2025年5月的43.1，标志着该行业再次出现月度大幅收缩，并将该行业的衰退延长至连续第三年。最新数据也代表了自2月以来最大的收缩，住房部门仍然是疲软的主要来源，建筑活动再次大幅下降。自2022年4月以来，新订单一直在稳步下降，受访者称客户决策缓慢是阻碍活动的关键因素。此外，建筑公司继续减少人员编制，尽管裁员速度很小，是九个月来最慢的。在定价方面，投入成本升至三个月高点，尽管总体通胀仍处于历史低位。展望未来，法国建筑商对12个月的前景变得更加悲观，公司表示需求疲软是主要担忧。

The HCOB Construction PMI in France fell to 43.1 in May 2025, from 43.6 in the previous month, marking another sharp monthly contraction and extending the sector's downturn into its third consecutive year. The latest figure also represented the steepest contraction since February, with the housing sector continuing to be the main source of weakness, posting another significant drop in building activity. New orders have now been falling steadily since April 2022, with survey respondents citing slow decision-making by clients as a key factor hampering activity. In addition, construction firms continued to reduce staffing levels, although the pace of job cuts was only marginal and the slowest in nine months. On the pricing front, input costs rose to a three-month high—though overall inflation remained historically subdued. Looking ahead, French constructors became more pessimistic about the twelve-month outlook, with firms citing weak demand as the primary concern.